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Quincy Reporter

Wednesday, December 25, 2024

Former state school employee Zellow paid in $6K to teachers' pension fund, could collect $135K in retirement

Money 03

Former state school employee Gerald Zellow, who retired in August 2016, saved $5,610 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zellow would collect as much as $135,253, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Zellow received $2,842 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zellow will have already received $5,769 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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